Entergy dividend
Entergy pays $2.56 a year per share, based on a quarterly payment of $0.64. Entergy's dividend continues while free cash flow is negative, so outside financing covers the investment gap.
How much does Entergy pay in dividends?
The dividend starts from the current annualized run rate of $2.56, based on a quarterly payment of $0.64. The base case rises to $2.72 in 2027 and $2.88 in 2028. It reaches $3.04 in 2029, broadly matching management’s assumed 6% annual growth. The bear case holds at $2.56 throughout because funding pressure could interrupt the record of annual increases. The bull case reaches $2.72, $2.96 and $3.20 as demand and earnings support faster growth. The history of annual increases supports the base case, while negative free cash flow and high debt justify the alternatives.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 3.91 | 2.45 | 5.55 | 2.68 | 2.77 |
| Real free cash flow per share | -6.30 | -3.53 | -1.16 | -6.94 | -10.32 |
| − Dividends paid, per share | 2.39 | 2.27 | 2.16 | 2.05 | 1.92 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| = Paid out more than FCF, per share | 8.64 | 5.76 | 3.28 | 8.93 | 12.17 |
What this means. The company paid out more than free cash flow because it generated negative free cash flow but still paid dividends and outside part-owners, so it needed 8.64 dollars per share from elsewhere.
Is Entergy's dividend covered by its cash?
Entergy is spending heavily on its utility while dividends continue, so outside financing covers the investment gap.
Free cash flow is the cash left after operating the business and paying for capital projects. Entergy can therefore report accounting earnings while still producing negative free cash flow, because construction consumes cash before new assets enter service and begin earning through rates. In 2025, operating cash was lower than construction and capital spending.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | -2,790,700 | -1,481,200 | -452,391 | -2,809,442 | -4,121,399 |
| − Dividends paid | 1,074,151 | 981,659 | 918,193 | 841,677 | 775,122 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Paid out more than the free cash flow | 3,889,892 | 2,487,836 | 1,394,091 | 3,671,632 | 4,914,840 |
| + Debt issued | 5,750,445 | 7,898,968 | 4,583,847 | 6,019,835 | 8,308,427 |
| − Debt repaid | 3,771,317 | 5,264,974 | 5,135,753 | 6,369,459 | 5,254,139 |
What this means. The company's own net debt is lower because it leaves out securitization debt and counts half of certain junior subordinated debentures as equity, while our count includes them and finance lease liabilities.
What could change Entergy's dividend?
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 2,347 (2,147 / 2,414) | 2,660 (2,254 / 2,793) | 2,866 (2,309 / 3,036) |
| Shares (millions) | 491 (498 / 485) | 511 (518 / 504) | 523 (541 / 508) |
| Dividends per share | 2.72 (2.56 / 2.72) | 2.88 (2.56 / 2.96) | 3.04 (2.56 / 3.20) |
| Price to earnings | 21.00 (18.00 / 24.00) | 21.00 (17.00 / 25.00) | 20.50 (16.00 / 25.50) |
What is Entergy's dividend yield against its share price?
Revenue rose 9.0% in 2025 and operating margin reached 24.7%, but real free cash flow remained -21.9% of revenue. The 27.0x trailing P/E falls to 20.6x on next-twelve-month earnings; the 2.4% yield sits beside negative free cash flow.
The 2029 outcomes range from the bear case at $68.26 to the bull case at $152.31. Today’s price is $105.11, so the forecast contains substantial dispersion around a nearly flat weighted result.